The Mouthpiece: Jamie Fulmer of Advance America

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This lending that is payday and respected tweeter freely admits that payday advances are dangerous. He additionally claims that customers find themselves caught with debt rounds simply because they like payday advances a great deal. Really.

The Facts:

Jamie Fulmer Has Been Senior Vice President of Public Affairs at Advance America Since 2010

  • Fulmer happens to be Vice President that is senior of Affairs at Advance America since 2010. Their tenure during the ongoing company started in 2004 as Director of Public Affairs. Fulmer LinkedIn Profile, 4/30/15

Fulmer’s employer (Advance America CEO Patrick O’Shaughnessy) ended up being Appointed to your Consumer Advisory Board associated with CFPB, Which Oversees Payday Lenders

  • CFPB revealed O’Shaughnessy’s Appointment up to A three-year term on its customer Advisory Board. During the time of their visit, CFPB Director Richard Cordray stated in a press statement that Advisory Board users would “provide valuable input to simply help us better understand the consumer economic market.” CFPB Press Release, 8/24/14
  • CFPB Oversees Payday Lenders like O’Shaughnessy’s Advance America. “The CFPB has authority to oversee the loan that is payday and started its guidance of payday lenders in January 2012.” CFPB Press Release, 11/6/13
  • CFPB Is Considering New Rules for the Payday Lending Industry That Will Probably Protect Customers. “During a industry hearing Tuesday on payday financing, CFPB manager Richard Cordray stated the bureau is trying to discover the right approach to protect customers available on the market for pay day loans. ‘As we look forward to our next actions, i am going to honestly state that people are actually within the belated phases of our factors about how exactly we are able to formulate brand brand new guidelines to create required reforms for this market,’ he stated.” Consumerist, 3/25/14

The Numbers Don’t Lie, Advance America depends on your debt period to revenue

  • An average of About Eight Cash Advances Per Year from 2009-11 Advance America Reported That customers Received
    • During 2009, Advance America Reported Serving 1,316,000 Customers and Originating 10,860,000 Cash Advances Which Averages to 8.25 payday loans Per client. Advance America 2011 SEC 10K
    • This season, Advance America Reported Serving 1,310,000 Customers and Originating 10,027,000 Cash improvements Which Averages to 7.65 payday loans Per Consumer. Advance America 2011 SEC 10K
    • Last year, Advance America Reported Serving 1,347,000 Customers and Originating 10,561,000 Cash improvements Which Averages to 7.84 payday loans Per Consumer. Advance America 2011 SEC 10K

Former Advance America Staff Paint a photo of Hardball Tactics with Customers

  • A Former Manager of Advance America Said That “An Overwhelming Percentage” Of users Re-Borrow Every Two Weeks and Can’t get free from The “What generally seems to Be a Never-Ending period of Payday Loan Debt.” Stephen Martino had written, “Since I’m a former supervisor for Advance America, personally i think like i must respond. Payday loan providers argue that clients look for payday advances being a way that is“responsible to control their funds. Whatever they tactfully ignore, but, may be the higher level of regularity of which clients utilize the loan product that is payday. The fact is, a percentage that is overwhelming of spend their loan every fourteen days and then re-borrow upon every check out. Most of the time, this continues on for decades because clients simply can’t appear to get free from just what is apparently a never-ending cycle of cash advance financial obligation. Truth be told, that’s exactly how these ongoing businesses make their funds. Payday loan providers allow it to be sound as though their item is really a deal that is one-time. Additionally they claim their cost of $40 for the $400 loan is not just sensible, but affordable. But in my experiences that are own I’ve seen clients continue borrowing for decades. Over and over I’ve witnessed clients get caught-up when you look at the alleged pay day loan debt period, plus it ended up being my task to limit client payment plan choices and encourage the repeated utilization of the cash advance item.” Patch, 6/2/12
  • Former worker of Advance America: we might can be found in in early stages The third Of The When Disability and Social Security Benefits Arrived for Our Customers to Cash Their Checks and Wipe Out Their Checking Accounts month. “One previous worker of Advance America describes some tricks associated with the trade. Talking on the condition of privacy (because he as well as other workers had been forced to signal a privacy contract upon leaving the company), this former store worker states that numerous of their consumers had been on impairment or Social Security: “They would can be found in for a little loan and compose a check to your business dated the next associated with month, whenever their government checks would show up. All of the Advance America workers had been expected to are offered in early that day, so we could quickly cash their checks and eliminate their checking accounts.” PR Watch, 9/16/10
  • Advance America worker: a Goal that is primary was Get clients to restore Their Loans and business workplaces had been More focused on Renewal Rates versus paid down Loans. a goal that is primary getting clients to constantly restore their loans. “We had to get in touch with our numbers every evening to Advance America’s headquarters that is corporate. These were maybe not enthusiastic about figures on whom paid down their loans, but up up up on who renewed their loans. They desired folks to cover the attention price and keep consitently the loan going and going,” says the previous worker.” PR Watch, 9/16/10
  • Advance America worker: we might head to the accepted place of work of Our clients have been later On re re Payments: “The Key had been Embarrassment and Intimidation.” This worker also struggled to obtain a right time within the collection division, where he had been instructed never to go to people in the home, but to attend people’s job first “We will never inform their bosses where we had been from, but we might carry a clip board with this title upon it in a way that is prominent. We might request that any particular one be taken from the factory flooring, to not ever gather, but to help keep them in the hook. The main element had been embarrassment and intimidation.” PR Watch, 9/16/10

Advance America Admits It Requires Financial Obligation Cycle in Order to Endure

  • Advance America On Loan Cap of Five Per Person: “We Can’t Live On Five.” “On Wednesday, Del. G. Glenn Oder, R-Newport Information, a foe of payday lenders, expressed frustration with all the cash-store operators, whom dispensed almost $1.5 billion in loans this past year. “The industry wishes nothing,” Oder stated in the possibility encounter with Carol Stewart of Advance America, a publicly exchanged loan provider. “We can’t go on five loans,” Stewart responded.” Richmond Times-Dispatch, 2/29/08

Fulmer Admitted That Pay Day Loans Are Risky

  • Fulmer On Payday Lending: “There Are Inherent Risks. Clients Should Be Careful.” “Advance America vice that is senior Jamie Fulmer stated consumers need to have the option of a quick payday loan if the fuel bill flow from, as opposed to face belated costs, overdraft costs or energy reconnection expenses. “The cash advance is certainly not unlike other credit items on the market,” Fulmer “There are inherent dangers. Clients should be careful. They need to carefully think about each of their choices, then they need to result in the decision that’s perfect for them.” AP, 2/23/13
  • Fulmer Said you can find Risks with payday advances and clients “Have to Be Careful” in addition they “Can enter into a predicament Where They’re Used Irresponsibly.” Fulmer stated the potential risks involved in payday advances aren’t unlike those associated with other styles of financing. “Anytime a customer utilizes any type of credit they should be careful,” he stated. “Not unlike other types of credit, customers could possibly get into a scenario where they’re used irresponsibly.” The News Virginian, 1/9/11
  • Fulmer: “It’s Not a Predatory Loan” Though “We Do have actually Concerns more than a number that is small of that do maybe perhaps maybe Not Use This Product Responsibly.” “Jamie Fulmer, manager of general general general public affairs for Advance America, the biggest pay check home loan company in the nation, said, “It’s maybe not a predatory loan. Despite just just what experts state, our clients aren’t unsophisticated. They know they will have options, they usually have alternatives. They normally use our items to help bridge the gap, as it’s less costly than bouncing a check. Maybe perhaps Not unlike just about any credit services and products on the market, we do have issues over only a few clients that do maybe maybe not utilize this product responsibly, therefore we have payment plans at no fee that is additional assist those clients.” NBC – 2 WCBD, 7/1/08